CoverBuilder. Life and Income Protection Insurance. Designed by you, made by TAL Life. Combined Product Disclosure Statement and Policy Document

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CoverBuilder.

Life and Income Protection Insurance.

Designed by you, made by TAL Life.

Combined Product

Disclosure Statement

and Policy Document

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Important Information

This Combined Product Disclosure Statement & Policy Document (PDS) is designed to help you decide whether to buy Cover Builder. The information contained in this document is general information only and does not take into account your individual objectives, financial situation or needs. Therefore, you should consider how appropriate this insurance is with regard to your objectives, financial situation and needs before making a decision whether to buy this product.

If you take out a Policy, please keep a copy of this document with your Policy Schedule in a safe place as together with your application they form the contract between TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL) and the Policy Owner. The PDS sets out all of the terms and conditions for the Policy and the Policy Schedule sets out your Cover details and any additional terms and conditions applicable to you. Please read the PDS and the Policy Schedule carefully to understand how your Policy operates and to ensure all of your details in the Policy Schedule are correct. These documents will be required in the event of a claim.

There are risks involved with taking out insurance and you should be aware of these. Please refer to page 15 for more information. From time to time updates about our products which are not materially adverse to you may be found on the TAL website at www.tal.com.au. You can call us on 1300 886 802 if you would like a copy to be sent to you.

In this document, some words and expressions have special meaning. They normally begin with capital letters and their meaning is explained in the Glossary on page 19. Also in this document, references to ‘you’ and ‘your’ mean the Life Insured and Policy Owner. In the context of claims, ‘you’ may also refer to your legal personal representative if you are the Life Insured and you have passed away. References to ‘we’, ‘us’ and ‘our’ mean the insurer TAL Life Limited.

The Policy is subject to and governed by the laws of Australia. The singular includes the plural and vice versa. Words of one gender include the other gender. Headings are only for convenience. Apart from the Glossary, headings do not affect the interpretation of the words of the Policy.

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Contents

1

2

3

4

5

6

7

Features & Benefits

1

Terms & Conditions

3

Claims

12

Things you need to know

14

Glossary 19

Direct Debit Request Service Agreement

22

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Features & Benefits

1

TAL’s greatest aim is for our customers to value life insurance. We want you to understand that life’s all about living. Having the right kind of life insurance gives you and your family more power to make plans, and more confidence that you can achieve them. And because life is all about living, and living is all about growth and change, we’ve developed a range of options to suit the way you live. TAL’s Cover Builder is a flexible insurance proposition, so you can feel empowered to make an educated decision on your life insurance. Cover Builder puts you in control and gives you the flexibility and transparency to configure the Cover that’s right for you. Cover Builder includes the following key features:

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§ Include only the Benefits that matter to you so you don’t pay for things you don’t need

§

§ Learn as you go and have the power to build the Cover that’s right for you

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§ Straightforward language – we’ll do our best to keep things simple

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§ Apply for and build your Policy online at your convenience §

§ Need some help? Call us on 1300 886 802 to speak with an expert.

Death Cover

Death Cover pays a lump sum if you were to pass away while the Benefit is current. Because Cover Builder is flexible you can choose the risks you would like to be Covered for:

§

§ Disease Cover – which includes cover for Natural Causes, §

§ Accident Cover §

§ Adventure Sports Cover.

You can opt to be Covered for death resulting from one of these causes, or a combination. Please refer to pages 3 to 6 for details of the types and combinations of Cover you can choose.

Income Protection Cover

Income Protection Cover provides a replacement income, paid monthly in the event that you are Totally Disabled or Partially Disabled while the Benefit is current. Because Cover Builder is flexible you can choose the risks you would like to be Covered for:

§

§ Accidental Injury Cover §

§ Illness Cover §

§ Sports Cover.

You can opt to be Covered for Disablement resulting from one of these causes or a combination. Please refer to pages 7 to 11 for details of the types and combinations of Cover you can choose. Cover Builder Income Protection offers a choice of Benefit Period: 2 years or To age 65 depending on your occupation.

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Loadings and Exclusions

When you apply for Cover Builder, you will be asked a number of questions and when answering these questions, you will need to comply with your Duty of Disclosure as is set out on page 15. Your answers to the questions may mean that you have an increased risk of claiming under the Policy. In some cases the risk will be too great and we will be unable to provide you with all or some parts of the Cover for which you have applied. In other cases, Cover will be able to be provided but it may be subject to a premium loading or an exclusion. A premium loading will mean that you pay a larger premium for the Cover, while an exclusion will mean that you will not be Covered if you suffer a specified excluded medical condition or you are injured or die as a result of participating in an excluded pastime or activity.

The Cover Builder application has been built to allow you in many circumstances to choose whether you:

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§ Accept a premium loading so that a particular medical condition, pastime or activity is not excluded, meaning you are paying more for the increase in the risk of a claim; or §

§ Accept an exclusion for a medical condition, pastime or activity so that you don’t pay a higher premium to reflect the increase in the risk of a claim.

This means that we are giving you, the customer, the ability to prioritise what is important for you so that you take a more active and engaged role in selecting your insurance and what you do and do not want to be Covered for.

Our application process and interactive quote engine will allow you to clearly see the impact of any increased risk on the cost of your insurance and allow you to choose whether you wish to be Covered for that risk or choose to exclude it and save money on your premiums.

The choice is yours.

Paying claims is why we’re here

First things first. If you commit to life insurance, you want to know the commitment is returned. And the ultimate test of that commitment is if you need to claim. We’re here when you need us: fast, responsive and compassionate. Our commitment to you is always first and foremost.

And you can change your mind

If you change your mind about purchasing insurance with us within 30 days of the date your Policy is issued, you can cancel the Policy and receive a full refund of the premium you’ve paid. This only applies if you haven’t made a claim. To receive your refund, simply contact us on the details below with a request to cancel the Policy within the 30 days. And you don’t have to tell us why you’ve changed your mind.

It’s more than a product. It’s life. And we’re here to help you live it like you should.

Contact TAL

1300 886 802

customerservice@tal.com.au tal.com.au

GPO Box 5380, Sydney NSW 2001

Features & Benefits

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Death Cover

Death Cover pays a lump sum upon your death while the Benefit is current, provided the cause of your death is one of the causes you have selected to be Covered for.

You can apply to be Covered for any or all of the following causes of death: Disease, Accident and/or Adventure Sports, however, you cannot take out death by Adventure Sports on its own.

Features and Benefits

Description

Disease Cover If you select this Cover, you will be Covered in the event of death as a result of Disease or Natural Causes, subject to any Exclusions and Special Conditions. For example Cover would be provided for death due to cancer, circulatory disease, heart disease, neurological disease or organ failure. Disease Cover also includes Terminal Illness Cover. If you are diagnosed with a Terminal Illness, the full Benefit Amount will be payable. Please see page 21 for further details.

If you select only Disease Cover, then no Cover is provided if you pass away due to suffering an Accident or as a result of participation in Adventure Sports. For example, no Cover would be provided for death as a result of accidental drowning, a traffic accident or a skydiving accident. If you select Disease Cover, you are not Covered in the event of suicide in the first 13 months following Policy commencement, or for any increases, within 13 months of the date of the increase in Cover.

Accident Cover If you select this Cover, you will be Covered in the event of your Accidental Death, subject to any Exclusions and Special Conditions. For example, Cover would be provided as a result of death as a result of accidental drowning, or as a result of a transport accident.

If you select only Accident Cover, then no Cover is provided if you pass away from Disease or Natural Causes, or as a result of undertaking Adventure Sports. For example, no Cover would be provided as a result of death due to suicide, cancer, heart attack or infectious disease, or as a result of undertaking recreational aviation, motor racing or scuba diving.

Adventure Sports Cover If you select this Cover, you will be Covered in the event of death as a result of undertaking Adventure Sports, subject to any Exclusions and Special Conditions. For example, you could opt to be Covered for activities including recreational aviation, hang-gliding, scuba diving and/or rock fishing.

In order to hold this Cover, you must also hold Accident and/or Disease Cover.

If you hold Disease Cover and Adventure Sports Cover but not Accident Cover, you will not be Covered for death resulting from an Accident caused by anything other than participating in Adventure Sports.

Eligibility Permanent Australian residents, Australian citizens or New Zealand citizens residing permanently in Australia aged 18 to 59 are eligible to apply.

Guaranteed Renewable We guarantee to renew your Death Cover until the Policy Anniversary following your 99th birthday as long as you have complied with the Duty of Disclosure and you have paid premiums when due. This guarantee applies regardless of any change in your personal circumstances.

Terms & Conditions

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Features and Benefits

Description

Funeral Advancement Benefit

Once your Death Cover claim is approved, we’ll make an early payment of 10% of your Benefit Amount to a maximum of $25,000 to assist your estate with final expenses.

Inflation Protection Benefit

If you select this option, your Benefit Amount will increase on your Policy Anniversary by 5% each year or the Indexation Factor (whichever is greater) to ensure your Benefit Amount maintains its value over time. Your premium will also increase proportionally. You may choose to remove this feature by contacting us and letting us know that you no longer wish for it to apply.

Future Life Events Benefit

The Future Life Events Benefit means you can increase your Death Cover Benefit Amount without evidence of your health or pastimes when specific life events occur, for example, getting married or divorced, obtaining or increasing a mortgage or increasing your financial interest in a business. See page 5 for details.

Nominated Beneficiary You can select a Nominated Benefit Recipient to receive the proceeds of your Death Cover when you pass away. See page 6 for more details.

Death Cover Limits

The maximum Cover amount you can apply for is determined by your income, and your age. Minimum Cover is $100,000 and the minimum monthly premium is $20 per policy.

Age at Policy Commencement

Maximum Cover Limits

Age 44 or less $2,500,000

Age 49 $1,500,000

Age 54 $1,000,000

Age 59 $750,000

Terms & Conditions

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Future Life Events

With the Future Life Events Benefit, you can increase your Death Cover Benefit Amount without evidence of your health or pastimes when a specific Life Event occurs. See the table as follows:

Life Event

Maximum allowable Increase

You or your spouse becoming a new parent through birth or adoption

25% of the Benefit Amount at Policy Commencement, or $200,000 - whichever is the lesser.

Your marriage or divorce

Your dependent child starting secondary school Your completion of a post-graduate degree You becoming a full-time carer

An increase in your financial interest in a business to which the policy is related via a buy-sell, share purchase or succession agreement

An increase in the loan liability of the business for which you are the primary guarantor

An increase in your value to a business in which you are a key person

Taking out or increasing a mortgage on your home The amount of the mortgage being taken out, or the increased portion of an existing mortgage, to maximum of $200,000.

Your annual income increasing by $10,000 or more Five times the annual salary increase, or $200,000, whichever is the lesser

The following terms and conditions apply to the Future Life Events Benefit: §

§ You must be under the age of 55 at the time of the Life Event. §

§ Applications for increasing Cover must be made within 30 days of a specified Life Event, or within 30 days of the Policy Anniversary following the Life Event. Increases are at our discretion based on evidence acceptable to us. §

§ The amount of an increase cannot exceed the maximum Cover amounts and combined Cover limits specified on page 4. §

§ The Future Life Events Benefit may be exercised only once in a 12 month period (designated by the last time the benefit was exercised). §

§ Cumulative increases from the Future Life Events Benefit may not exceed $1,000,000 or the original Benefit Amount, whichever is the lesser.

§

§ The Future Life Events Benefit cannot be exercised where you have lodged or are eligible to lodge a claim under any Life Insurance policy with TAL or any other insurer, or where a medical loading or medical exclusion applies to you.

§

§ In the first 6 months following the date of increase, the increased portion of the Benefit will only be paid in the event you suffer from a claimable event as a result of an Accident or an Accident as a result of Adventure Sports, depending on the cause that you have selected. If your Cover is for Diseases and Natural Causes only, then you are unable to claim the increased portion for any Sickness or Disease occurring in the first 6 months.

Terms & Conditions

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What isn’t Covered

Please note, some Exclusions apply to your Death Cover regardless of the Cover options you have selected, see as follows:

No payments will be made under Death Cover if the event giving rise to the claim is caused directly or indirectly by you visiting a country for which the Australian Department of Foreign Affairs and Trade (DFAT) has issued a ‘Do Not Travel’ warning advice that is in force during the time you stay in that country. Specific Exclusions may apply to your Death Cover depending on the Cover options that you have selected. Refer to your Policy Schedule for details of any additional Exclusions that apply to your Policy, however, the following Exclusions will apply to each cause if selected independently:

If you have selected Accident Cover only, no claim will be payable in the event of:

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§ Your death as a result of Disease or Natural Causes; §

§ Your death as a result of suicide; §

§ Your death as a result of undertaking Adventure Sports; §

§ Your death as a result of sporting and recreational aviation activities which carry a higher than normal risk of death, including undertaking solo air activity; flying in an aircraft except as a commercial passenger; any activity involving being at heights above 10 metres, or depths below 40 metres; water sports involving water craft; or any motorised speed contests on land; or sports involving animals.

If you have selected Disease Cover only, no claim will be payable in the event of:

§

§ Your Accidental Death; §

§ Your death as a result of undertaking Adventure Sports; §

§ Your death as a result of suicide in the first 13 months of your Policy.

If you have selected Accident Cover and Disease Cover, but not Adventure Sports Cover, no claim will be payable in the event of:

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§ Your death as a result of suicide in the first 13 months of your Policy;

§

§ Your death as a result of undertaking Adventure Sports; §

§ Your death as a result of sporting and recreational aviation activities which carry a higher than normal risk of death, including undertaking solo air activity; flying in an aircraft except as a commercial passenger; any activity involving being at heights above 10 metres, or depths below 40 metres; water sports involving water craft; or any motorised speed contests on land; or sports involving animals.

If you have selected Disease Cover and Adventure Sports Cover but not Accident Cover, no claim will be payable in the event of:

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§ Your death as a result of suicide in the first 13 months of your Policy;

§

§ Your death as a result of an Accident not related to the undertaking of Adventure Sports.

If you have selected Accident Cover and Adventure Sports Cover, but not Disease Cover, no claim will be payable in the event of:

§

§ Your death as a result of Disease or Natural Causes; §

§ Your death as a result of suicide.

Nominated Benefit Recipient

You can nominate to whom any Death Cover Benefit will be paid on your death. Your nominee(s) are called Nominated Benefit Recipient(s).

Any nomination of benefit recipients under this condition is binding on us once we receive it and send written confirmation of the nomination back to you. However, you can ask us to change or revoke a nomination at any time. If a nomination is made, details of the Nominated Benefit Recipient/s will be shown in the Policy Schedule. If a change or revocation is made in relation to a nomination, a new Policy Schedule will be issued as confirmation of the change or revocation.

In the event a Nominated Benefit Recipient predeceases you, the nomination of that benefit recipient is invalidated. If there are other surviving Nominated Benefit Recipients then the benefits will be paid to them in accordance with the proportions in your nomination, but with those surviving proportions being scaled up to total 100%.

If there is no surviving Nominated Benefit Recipient, then the Death Cover Benefit will be paid to your estate or to your legal personal representative or a person we are permitted to pay under the Life Insurance Act 1995 (Cth).

Terms & Conditions

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Income Protection Cover

Income Protection pays you a Total Disability Benefit of up to 75% of your Monthly Income, in the event that you are Totally Disabled as a result of a Covered event.

Income Protection pays you a Partial Disability Benefit if you are Partially Disabled as a result of a Covered event. The Benefit Amount takes your Average Monthly Income and any other Monthly Earnings into account. You can apply to be Covered for one or a combination of the following causes of Disablement:

§

§ Accidental Injury; and/or §

§ Illness; and/or §

§ Sports.

Features and Benefits

Description

Accidental Injury Cover If you select this Cover, you will be Covered in the event of Total Disability or Partial Disability as a result of Accidental Injury, subject to any Exclusions and Special Conditions. For example Cover would be provided for Accidental Injury such as a broken leg sustained in a household accident which leaves you Totally Disabled or Partially Disabled.

If you select Accidental Injury Cover only, then no Cover is provided if you become Totally Disabled or Partially Disabled due to an Illness or due to a Sports Injury. For example, no Cover would be provided if you were Totally Disabled or Partially Disabled as a result of a Sports Injury sustained while playing football.

Illness Cover If you select this Cover, you will be Covered in the event of Total Disability or Partial Disability as a result of Illness, subject to any Exclusions and Special Conditions. For example, Cover would be provided for Illness such as a heart attack which leaves you Totally Disabled or Partially Disabled. If you select Illness Cover only, then no Cover is provided if you become Totally Disabled or Partially Disabled due to an Accidental Injury or due to a Sports Injury. For example, no Cover would be provided if you were Totally Disabled or Partially Disabled as a result of a torn hamstring sustained while jogging, or a broken leg sustained while playing football.

Any claim as a result of Mental Health Related Illness will be limited to a Benefit Period of 2 years only.

Sports Cover If you select this Cover, you will be Covered in the event of Total Disability or Partial Disability as a result of a Sports Injury, subject to any Exclusions and Special Conditions. For example, Cover would be provided for an Injury such as a torn hamstring sustained while jogging, or a broken leg sustained while playing football, which leaves you Totally Disabled or Partially Disabled. In order to hold this Cover, you must also take out and hold Accidental Injury and/or Illness Cover. If you hold Illness Cover and Sports Cover but not Accidental Injury Cover, you will not be Covered for Total Disability or Partial Disability arising from any Accidental Injury other than a Sports Injury.

Terms & Conditions

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Features and Benefits

Description

Eligibility Permanent Australian residents or New Zealand citizens residing permanently in Australia aged 18 to 54 can apply.

You must be working in paid employment for a minimum of 25 hours a week. Self-employed persons are not eligible to apply.

Guaranteed Renewable We guarantee to renew your Income Protection Cover until the Policy Anniversary following your 64th birthday as long as you have complied with the Duty of Disclosure and paid the premiums when due. This guarantee applies regardless of any change in your personal circumstances.

On Claim Premium Waiver Once a claim has been admitted, you will not have to pay any Income Protection premiums for as long as Benefit payments continue.

Waiting Period A four week Waiting Period applies from the Date of Disablement before Benefits commence.

Benefit Period You can select the length of your Benefit Period (subject to eligibility): §

§ 2 years; or §

§ To age 65 for certain occupations.

Please note that Total Disability or Partial Disability as the result of a Mental Health Related Illness is only Covered if Illness Cover has been selected. A maximum Benefit Period of 2 years applies for claims arising from Mental Health Related Illnesses even if a longer Benefit Period has been selected. The Benefit Period is payable once per claimed condition, including any recurrences. Benefit payments expire at the end of the Benefit Period.

Inflation Protection Benefit

If you select this option, your Benefit Amount will increase on your Policy Anniversary by 3% each year or the Indexation Factor (whichever is greater) to ensure your Benefit Amount maintains its value over time. Your premium will also increase proportionally, however you can choose to decline any increases due to this feature. The feature does not apply while you are receiving claim payments.

Increasing Claim Benefit If you have selected Inflation Protection the Increasing Claim Benefit ensures your Benefit payments keep up with inflation. While you are receiving Income Protection payments, we will increase Benefit payments in line with the Indexation Factor on the anniversary of the commencement of continuous Benefit payments. This increase is capped at 5% annually. The Increasing Claim Benefit does not apply if you have not selected the Inflation Protection Benefit.

Recurrent Disability Benefit

If a Total Disability or Partial Disability reoccurs from the same or related cause within 12 months of a claim ending, we treat it as a continuation of the original claim which means no Waiting Period applies before payments recommence. Please note all claim periods will be added together to calculate the maximum Benefit Period for the Total Disability or Partial Disability.

Terms & Conditions

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Features and Benefits

Description

Rehabilitation Expense benefit

If you are Totally Disabled or Partially Disabled and you spend money directly towards your effective rehabilitation through a pre-approved rehabilitation program, these funds will be reimbursed (less amounts reimbursed from elsewhere) subject to:

§

§ Our written approval of the expenditure being provided before it is incurred; and §

§ A maximum allowable reimbursement of six times the monthly Benefit Amount. The cost of medical consultations and medical therapy consultations will not be reimbursed.

Income Protection Cover Limits

The maximum Benefit Amount we will pay is limited to 75% of your Monthly Income, less Adjustments and Offsets, see page 11 for details.

Minimum Cover is $1,000 per month and a minimum premium of $20 per policy, per month applies. The maximum Benefit Amount you can apply for is listed as follows:

Age limits at Policy Commencement

Cover Limits

Age 44 or less $12,500 per month or 75% of your Monthly Income, whichever is lesser

Age 45 or greater $10,000 per month or 75% of your Monthly Income, whichever is lesser

Other things you need to know

Please note the following terms and conditions that apply to your Income Protection Cover:

§

§ The 75% indemnity value is calculated based on your Average Monthly Income for the 12 months immediately prior to the event leading to your claim, inclusive of any adjustments. The monthly Benefit Amount cannot exceed $12,500 per month. §

§ Benefit payments commence when your claim is admitted and your Waiting Period has been served. §

§ Benefit payments will continue for as long as you are Totally Disabled or Partially Disabled in accordance with the terms and conditions of your Policy but will cease at the end of the Benefit Period.

Terms & Conditions

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What isn’t Covered

Specific Exclusions will apply to your Income Protection Cover depending on the Cover options that you have selected. Refer to your Policy Schedule for details of any additional Exclusions that apply to your Policy.

Some Exclusions apply to your Income Protection regardless of the Cover options you have selected, these are listed as follows:

No payment will be made under Income Protection if the event giving rise to the claim is caused directly or indirectly by:

§

§ An intentional, self-inflicted act by you; §

§ Pregnancy, giving birth, miscarrying or having a pregnancy termination unless Total Disability or Partial Disability continues for longer than 3 months after the pregnancy ends in which case Disability will be considered to have started at the date the pregnancy ends;

§

§ War and terrorism: terrorism, civil commotion or unrest; guerrilla or insurgent activities in countries outside Australia; §

§ You visiting a country for which the Australian Department of Foreign Affairs and Trade (DFAT) has issued a ‘Do Not Travel’ warning advice that is in force during the time you stay in that country;

§

§ Any Illness or Injury that occurs as a result of, or during the course of, committing or attempting to commit a criminal offence.

If you have selected Accidental Injury Cover only, no claim will be payable in the event of:

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§ Your inability to work as a result of an Illness; §

§ Your inability to work as a result of any Mental Health Related Illness, or any Mental Health Related Illness as a result of an Accidental Injury, Sports Injury or Illness; §

§ Your inability to work as a result of a Sports Injury; §

§ Your inability to work as a result of any Injury which may occur while undertaking solo air activity; flying in an aircraft except as a commercial passenger; any activity involving being at heights above 10 metres, or depths below 40 metres.

If you have selected Illness Cover only, no claim will be payable in the event of:

§

§ Your inability to work as a result of an Accidental Injury; §

§ Your inability to work as a result of a Sports Injury; §

§ Any claim as a result of Mental Health Related Illness, after a Benefit has been paid for two years.

If you have selected Illness Cover and Accidental Injury Cover only, no claim will be payable in the event of:

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§ Your inability to work as a result of a Sports Injury; §

§ Any claim as a result of Mental Health Related Illness, after a Benefit has been paid for two years;

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§ Your inability to work as a result of any Injury which may occur while undertaking solo air activity; flying in an aircraft except as a commercial passenger; any activity involving being at heights above 10 metres, or depths below 40 metres.

If you have selected Illness Cover and Sports Cover only, no claim will be payable in the event of:

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§ Your inability to work as a result of an Accidental Injury other than a Sports Injury;

§

§ Any claim as a result of Mental Health Related Illness, after a Benefit has been paid for two years.

If you have selected Accidental Injury and Sports Cover only, no claim will be payable in the event of:

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§ Your inability to work as a result of an Illness; §

§ Your inability to work as a result of any Mental Health Related Illness, or any Mental Health Related Illness as a result of an Accidental Injury or Illness.

Terms & Conditions

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Adjustments & Offsets

Other income payments

Adjustments and Offsets reduce your Income Protection Benefit, if you receive other income payments, which together with the Benefit exceed 75% of your Average Monthly Income. Other income payments are payments received from:

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§ Any other individual or group income protection policy; §

§ Any workers’ compensation, common law or statute payment; or

§

§ Sick leave greater than 60 days.

Your Income Protection Benefit will be reduced to allow for any other compensation for Disability that is in the form of a lump sum or is commuted to a lump sum. For this purpose, the monthly Income Protection Benefit will be reduced by 1% of the lump sum amount. For example:

Bill is an employed 40 year old electrician earning $8,000 per month which includes contributions to his superannuation fund. On 1 June, Bill hurts his back after an accident at work where he falls off his ladder. Sadly, Bill is not able to return to work after his injury. Under TAL Life’s Cover Builder Accidental Injury Cover, Bill is entitled to claim 75% of his Average Monthly Income (AVI) for up to 2 years, (his chosen Benefit Period) once he meets the Waiting Period and definition of Total Disability.

On 1 September, Bill decides to lodge a claim for Accidental Injury with us. Once assessed, we approve his claim and he is paid $6,000 (i.e. 75% of his AVI) per month.

In addition to his Cover Builder claim, Bill had lodged a claim for worker’s compensation. On 1 October, his worker’s compensation claim is settled for a lump sum of $400,000. As this lump sum payment is a ‘global settlement’ figure and Bill’s loss of earnings could not be determined, we offset his entire settlement amount as set out below:

Ongoing Monthly Offsets = 1% x Lump Sum Received (as at 1 October 2014)

= 1% x $400,000 = $4,000

After applying the offset amount against Bill’s monthly income protection benefit, his ongoing monthly benefit would be:

Ongoing Monthly Benefit = 75% of Pre-disability Income (as at 1 October 2014) (minus) 1% x Lump Sum Received

= 75% of $8,000 − $4,000

= $6,000 − $4,000

= $2,000

Bill would be entitled to receive $2,000 per month for the

If it can be shown that a portion of the lump sum represents compensation for pain and suffering, or the loss of use of a part of the body, we will not take that portion into account for the purpose of reducing your Income Protection Benefit. Any common law, workers’ compensation or statute payment received as a lump sum where pain and suffering cannot be isolated from loss of earnings will be taken into account for the purpose of reducing your Income Protection Benefit.

Partial Disability offset

If you are not working solely because of Illness or Injury, but are able to perform an important income producing duty of your Own Occupation to earn income, your Monthly Income, for the purposes of calculating the Partial Disability Benefit Amount, will be calculated on the monthly amount for which it would be reasonable for you to earn if you were working. We will take into account all medical and other appropriate evidence.

Residing outside of Australia

A maximum Benefit Period of 90 days will apply while you reside outside of Australia.

Terms & Conditions

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How to make a claim

If you wish to make a claim under the Policy, you must contact us at the earliest possible opportunity. Our contact details can be found on the back page of this document. Contacting TAL as soon as possible will allow us to begin the assessment process and identify any opportunities where further assistance can be provided.

Event giving rise to a claim

An event giving rise to a claim must occur at a time while your Cover is in force. Benefit payments will commence once you have met the terms and conditions of the Policy.

To ensure we are able to assist you in an efficient manner, you must notify us in writing or by telephone, of any event that gives rise to a claim. This should be done as soon as reasonably possible otherwise claim payments may be reduced to the extent the ability to assess the claim has been prejudiced by the delay in being able to adequately assess the claim.

Claim requirements at your expense

You must provide us with any requirements we reasonably consider necessary to assess your claim. Upon notification, TAL will provide specific details of these claim requirements. Our obligation to pay a Benefit under the Policy is subject to the following information being provided to us:

§

§ Notice of any claim or potential claim being provided to us as soon as reasonably possible;

§

§ The initial doctor’s report; §

§ A certified copy of your proof of age; §

§ The Policy Schedule; §

§ All standard claim forms and other documentation reports required by us to continue the initial and ongoing assessment, including but not limited to progress medical reports, records of your income and other personal financial documentation; and §

§ Such other information relating to the claim that we may request.

You will need to meet any costs incurred in obtaining and providing us with the appropriate documents (including any translations) to assess your claim.

Claim requirements at TAL’s expense

If we arrange for you to be medically examined in connection with the claim:

§

§ The person who examines you will be an appropriate registered Medical Practitioner or other health practitioner chosen by us at our discretion;

§

§ You must attend the examination; and §

§ We will pay the Medical Practitioner’s fees.

If we arrange for you to be medically examined and you fail to attend the examination and we incur a non-attendance fee, this fee must be paid by you.

We may also require you to: §

§ Attend interviews with a member of our staff or someone appointed by us as often as is required to fully consider your claim; and

§

§ Attend and engage with occupational rehabilitation services by an appropriately qualified person selected by us.

If you are outside Australia and become Disabled, the entitlement to claim may be suspended where we are unable to appraise the medical opinion or data relied upon by you. Consequently, you may have to return to Australia for the claim to be assessed, at no expense to us, before we are able to determine our liability for the claim.

We may cancel a Policy

for a fraudulent claim

If you make a fraudulent claim under your Policy or another policy you have with us, then we may cancel your Policy.

Your obligation regarding

Disability duration and severity

In providing you with this Policy, TAL has contracted to insure you on the basis of the agreed Cover. While TAL has accepted the risks associated with any potential loss, you must not knowingly contribute to the severity or longevity of your Disablement. TAL will continually assess your Income Protection claim and will make a decision to cease paying your Benefit if we determine that you no longer meet the applicable terms and conditions for the payment of the Benefit.

Claims

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Claims assessment

Both the eligibility and extent of any claim payments relating to your Illness or Injury will be based solely on the impact of the Illness or Injury. Under the terms of this Policy, we will exclude any claims made on the basis of additional impact due to economic, seasonal or non-medical factors.

If Cover is provided under Income Protection and a claim is made for a period of Disability of less than one month, it will be paid on a pro-rata basis. The payment will be made at a rate of 1/30 of the Benefit Amount for each day you are Disabled, excepting any Adjustments or Offsets.

Payment of claim

If you are legally competent to apply for a claim, in the event that the claim meets the Policy terms and conditions, all benefits will be paid as follows:

§

§ If you have Death Cover, then Benefits are payable to your Nominated Benefit Recipient(s) or to your estate or your legal representative if you do not have a Nominated Benefit Recipient.

§

§ All Income Protection Benefits are payable to you or your legal personal representative.

§

§ Tax will not be deducted from the Income Protection benefit payments. We suggest you consult a registered tax agent, registered tax (financial) adviser or the Australian Taxation Office (ATO) about your tax obligations.

If you are judged not to be legally competent, we will pay any respective benefits to whomever we are legally permitted to make payments, subject to receipt of a certified copy of a Power of Attorney.

We will not be liable to you for any loss you suffer (including consequential loss) caused by the fact that we are required by law to delay, block, freeze or refuse to process a transaction, where applicable.

Claims contact details

1800 101 016

Retail.Claims@tal.com.au tal.com.au

GPO Box 5380, Sydney NSW 2001

Claims

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What are the costs?

The cost of your Policy depends on a range of factors, including the type of Cover, your age and gender and whether or not you smoke.

We also take your occupation, health, income and personal pastimes into account. Once we know a little bit about you and the Cover you require, we can then determine the basic costs involved. Sometimes discounts may apply to certain policies, however these may not apply for the full term of your Policy. Our minimum premium is currently $20 a month for a new Policy and $10 a month for an increase to an existing Policy. When you are provided with a Policy Schedule, you should read it carefully. The Policy Schedule will show you the first instalment premium amount. The premium amount will also include any extra amounts charged to you when we accepted your application or re-issued you a Policy.

Premium payable

All premiums are payable in advance, on a monthly basis by the due date shown in your Policy Schedule (unless otherwise advised). For subsequent years, we’ll advise you of your new monthly premium before each Policy Anniversary.

Payment frequency

Premiums are payable monthly. Premiums may be paid by: §

§ Direct debit; or §

§ Credit card (MasterCard or Visa).

Non-payment or late

payment of premiums

If we do not receive premiums by the due date, you will be sent a reminder notice and will have a period of 30 days, beyond the premium due date, in which to pay the premium. If we do not receive the payment by the end of the 30 day period stated in your reminder notice, your Policy will lapse and you will not be insured. If this happens, you will need to apply to have a new Policy issued if you require continuation of Cover at a later time.

Stepped premiums

Stepped premiums are based on your age at each Policy Anniversary. This generally means your premium rate will increase each year.

Level premiums

If you select level premiums, the amount you pay will be based on your age at the Policy Commencement Date and the premium rate will remain the same until the Policy Anniversary immediately preceding your 65th birthday, at which point Level premiums revert to Stepped premiums. If your Benefit Amount increases for any reason, including increases arising from the Inflation Protection Benefit, then, while Level premiums apply, the part of the amount you pay in relation to each increase will be based on your age when each respective increase occurred.

Changes in premium

We can change the premium rates applying to all Cover Builder Policies. If we do change them you will be advised of the change 30 days prior to it taking effect.

No one individual Policy can be singled out for an increase in premium rates because of an adverse change in your health or circumstances, once the risk is accepted.

When your Cover starts and ends

If we accept your application and you have paid the first premium, we will issue you a Policy Schedule. Your Cover will start on the Commencement Date as shown in the Policy Schedule. Cover in respect of a Benefit ends on the earliest of the following:

§

§ The date the Benefit Amount has been paid out in full; §

§ Your death; §

§ For Disease Cover, on the payment of the Benefit Amount in full due to your Terminal Illness;

§

§ The date you cancel your Policy or Benefit or your Policy lapses due to the non-payment of premium;

§

§ The Expiry Date for the Benefit as listed in the Policy Schedule; §

§ Your Policy being avoided due to you making a non-disclosure or misrepresentation at the time of application;

§

§ Your Policy being cancelled due to you making a fraudulent claim.

Things you need to know

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Your Cover Builder Policy will end on the earliest of the following: §

§ The removal of all Benefits on your Policy; §

§ The removal of Benefits, such that only Adventure Sports and/or Sports Cover remain;

§

§ The date you cancel your Policy or your Policy lapses due to the non-payment of premium;

§

§ The Expiry Date for the last remaining Benefit as listed in the Policy Schedule;

§

§ Your Policy being avoided due to you making a non- disclosure or misrepresentation at the time of application; §

§ Your Policy being cancelled due to you making a fraudulent claim.

Can TAL cancel your Policy?

As long as your premium payments are up-to-date, your Policy will remain current until the Benefit expiry date. This means your insurance Policy will continue regardless of any changes in your health, occupation, pastimes or income. We will honour claim payments in line with the Policy conditions if:

§

§ You have complied with the Duty of Disclosure; and §

§ You have answered all questions in your Online Application honestly and accurately.

Risks

There are risks involved with taking out insurance that you should be aware of. These include:

§

§ That the insurance you have chosen might be inadequate to protect your circumstances;

§

§ If you are replacing another insurance contract, you should consider the terms and conditions of each insurance contract before deciding to make the change;

§

§ That claims may not be paid and this Policy may be cancelled where you have failed to comply with the Duty of Disclosure set out on page 15 or you have made a fraudulent claim; and §

§ That the Policy may be cancelled if you have failed to pay your premium by the due date, in the circumstances described on page 14.

You should consider if the Policy meets your needs both now and in the future. You may need to seek assistance from a financial adviser to assist you to determine if the terms are consistent with your objectives, financial situation and needs.

No Cash Value

None of the benefits outlined in this document – Death Cover or Income Protection – have a cash value if cancelled. The premiums paid represent the amounts due for undertaking the risk of the insured event occurring.

Your Duty of Disclosure

Before you enter into a contract of insurance with us, you have a duty under the Insurance Contracts Act 1984 (Cth), to disclose to us every matter that you know, or could reasonably be expected to know, is relevant to our decision whether to accept the risk of insurance and, if so, on what terms. This duty extends to answering all of our questions honestly and completely. You have the same duty to disclose those matters to us before you extend, vary or reinstate a contract of insurance. Your duty, however, does not require disclosure of a matter:

1. That diminishes the risk to be undertaken by us; 2. That is of common knowledge;

3. That we know or, in the ordinary course of business, ought to know; or

4. Where we waive disclosure.

If you have not disclosed all relevant matters to us and we would not have entered into all or part of the Policy on the same terms had we known about those matters, we may avoid all or part of the Policy within three years of the Commencement Date. If your non-disclosure or misrepresentation is fraudulent and we would not have entered into the Policy on the same terms had we known about these matters, we may avoid all or part of the Policy at any time. This means that we can treat the Policy as if it never existed and we would not be liable to pay any claims. Alternatively, instead of avoiding the Policy we may decide to:

1. Reduce the Benefit Amount that you have been insured

for in accordance with a formula that takes into account the premium that would have been payable if you had disclosed all relevant information; or

2. Vary the Policy to place us in a position we would have

been in if the duty of disclosure had been complied with.

Things you need to know

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Misstatement of age

If your age has been understated on the application for this Policy, then the Benefit Payable will be recalculated based on the Benefit that the premium would have purchased if the correct age had been provided. If your age has been overstated we will refund any excess premium paid. Where the terms and conditions of a Benefit vary depending on age, your correct age, if applicable, will be used to determine whether a Benefit is payable. We may also vary the end date of the Policy to what it would have been had the correct date of birth been provided by you.

Who receives the Benefit

All payments made by us under the Policy will be made to you, or if you have died, to your Nominated Benefit Recipients or legal personal representative or a person we are permitted to pay under any relevant legislative obligation.

Taxation

If you are considering the tax implications of purchasing Cover, it is important you seek independent, professional taxation advice. The complexity of taxation laws and rulings is such that this advice should be specific to your circumstances.

The following information regarding the Australian taxation rules in force at the date of this statement is provided as a general guide only and relates to the rules for individuals who are residents of Australia for income tax purposes. No guidance in relation to the application of foreign tax rules or the application of the Australian tax rules to individuals who are not residents of Australia for income tax purposes, is provided.

We reserve the right to make changes to Cover Builder and premium rates in response to any taxation, government duty or other legal changes.

Goods and Services Tax

Cover Builder is treated as input taxed under the Goods and Services Tax Act 1999 (Cth) and any cost of GST will be included in the premium rates. An input tax credit will not be available to you.

Tax deductions

For Income Protection, premiums are generally tax deductible and benefits paid are generally assessable as income. This is not the case for Death Cover.

Capital Gains Tax

Benefits payable under this Policy may be assessed under the capital gains provisions if you are not the original beneficial owner of the Policy (as defined under the Income Tax Assessment Act 1997), and you acquired Cover Builder for consideration.

Tax Withholding

We usually do not deduct or remit tax from claim payments, unless required to by law.

Statutory Fund

The assets of TAL’s Statutory Fund Number 1 will alone be liable for the payment of the benefits under this Policy. You have no rights in the assets of any other TAL Statutory Fund.

Privacy

The way in which we collect, use and disclose your personal and sensitive information is explained in our Privacy Policy. Our Privacy Policy is available at www.tal.com.au/privacy.aspx or is free of charge on request.

Our Privacy Policy contains details about the following: §

§ The kinds of personal information that TAL collects and holds; §

§ How TAL collects and holds personal information (including sensitive information);

§

§ The purposes for which TAL collects, holds, uses and discloses personal information (including sensitive information); §

§ How our customers may access personal information about them which is held by TAL and how they can correct that information; and

§

§ How we deal with any complaints that our customers may have regarding privacy issues.

If you would like a copy or if you have any questions about the way in which we manage your information please contact us using the details on the last page of this document.

Personal and sensitive information will be collected from or in respect of you to enable us to provide or arrange for the provision of this insurance product. We may request further personal information in the future, for example, if you want to make a claim and we need to collect health or financial information. If you do not supply the required information, we may not be able to provide the requested product or service or pay the claim.

Things you need to know

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In processing and administering your insurance (including at the time of claim) we may disclose your personal information to other parties such as organisations to whom we outsource our mailing and information technology, Government regulatory bodies and other companies within the TAL Group and accountants (if applicable). We may also disclose your personal information (including health information) to other bodies such as reinsurers, health professionals, investigators, lawyers and external complaints resolution bodies.

Generally we do not use or disclose any customer information for a purpose other than providing our products and services unless:

§

§ You consent to the use or disclosure of the customer information; or

§

§ The use or disclosure is required or authorised under an Australian law or a court/tribunal order; or

§

§ The use or disclosure of the information is reasonably necessary for one or more enforcement related activities conducted by, or on behalf of, an enforcement body e.g. the police. From time to time TAL or its related parties or business partners may wish to contact you to provide you with information about other products and services in which you may be interested. If you prefer not to receive direct marketing communications from our organisation or if you would prefer to receive telephone calls at certain times or days then please contact us using the details on the last page of this document.

We rely on the accuracy of the information you provide. If you think that we hold information about you that is incorrect, please let us know.

Under the current privacy legislation, you are generally entitled to access the personal information we hold about you. To access that information, simply make a request in writing. This process enables us to confirm your identity for security reasons and to protect your personal information from being sought by a person other than yourself.

There are some limited exemptions where TAL would be unable to provide the personal information that we hold about you. These include, but are not limited to the following circumstances:

§

§ We reasonably believe that giving access would pose a serious threat to the life, health or safety of a person; §

§ The request for access is frivolous or vexatious; §

§ The information relates to existing or anticipated legal proceedings between TAL and you and the information would not be accessible by the process of discovery in those proceedings;

§

§ Giving access would be unlawful.

If, for any reason we decline your request to access and/or update your information, we will provide you with details of the reasons. In some circumstances it may be appropriate to provide copies of complex medical information to a treating Medical Practitioner rather than directly to you so that the medical terminology can be explained.

Additional information about privacy legislation can be found at the website of the Privacy Commissioner at www.oaic.gov.au including sensible steps that individuals can take to protect their information when dealing with organisations and when using modern technology.

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Things you need to know

4

Complaints process

If you have a complaint in relation to Cover Builder, you can write to:

The Manager, Complaints Resolution

TAL Life Limited, GPO Box 5380, Sydney NSW 2001 We will attempt to resolve your complaint within 45 days of the date it is received by us. If we are unable to resolve your complaint within that period, we will inform you of the reasons for the delay and ask for your consent to resolve the complaint within 90 days of the date it was received.

If your complaint has not been resolved to your satisfaction within 45 days of lodging your initial complaint to TAL (or, if you have agreed, within 90 days) you may contact the Financial Ombudsman Service (FOS). FOS is an industry funded scheme, which provides free advice and assistance to consumers with complaints against financial services companies, including assisting the Policy Owner, to resolve complaints with their life insurance company. FOS is an independent and impartial body. Decisions made by FOS are binding on us.

FOS can be contacted as follows: 1300 780 808

(03) 9613 6399 info@fos.org.au

Financial Ombudsman Service GPO Box 3, Melbourne VIC 3001

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Accident means an event where injury or death is caused directly

and solely by accidental, violent, external and visible means.

Accidental Injury means a new physical injury caused an

Accident, as confirmed by a registered Medical Practitioner, while Cover is in force. It does not include injury arising from:

§

§ Attempted intentional self-injury or suicide; §

§ Sickness, medical or surgical treatment; §

§ The taking of intoxicating liquor or drugs other than those prescribed to you and taken in the correct dosage. For the purposes of this Policy, it also excludes accidents which occur through undertaking Sports unless Sports Cover has een selected by you.

Accidental Death means a death caused solely and directly

by an Accident while Cover is in force. It does not include death arising from:

§

§ Actual or attempted intentional self-injury or suicide; §

§ Sickness, medical or surgical treatment; §

§ The taking of intoxicating liquor or drugs other than those prescribed for you and taken in the correct dosage.

For the purposes of this Policy, it does not include death as a result of participating in an Adventure Sport, unless Adventure Sports Cover has been selected by you.

Adventure Sports means sports, pastimes or activities which

carry an inherently higher risk of death or Injury to the participant and include but are not limited to recreational aviation, hang-gliding, scuba diving, rock fishing, rock climbing, surfing, skydiving, jet skiing, motor racing and bungee jumping.

Average Monthly Income is calculated based on your

average Monthly Income in the 12 months immediately prior to the Accidental Injury, Illness or Sports Injury that led to the claimable event.

Benefit or Benefit Amount means the monthly amount or lump

sum amount, as shown on your Policy Schedule, that we will pay you upon valid claim for the respective Cover type on your Policy.

Benefit Period means the maximum period for which an Income

Protection Benefit is payable, as shown in your Policy Schedule.

Commencement Date means the date your Policy started

or a Benefit was added to your Policy.

Cover or Covered refers to the circumstances in which a Benefit

Amount is payable in accordance with this document. The Cover your Policy provides is shown in your Policy Schedule.

Date of Disablement means the later of:

a) the date the Insured Person ceases work due to Illness

or Injury; or

b) the date a Medical Practitioner examines the Insured Person

and certifies in writing that he or she suffers from the Illness or Injury that is the principal cause of their inability to work.

Disability or Disablement means either Total Disability

or Partial Disability.

Disability Benefit means either Total Disability Benefit

or Partial Disability Benefit.

Disease or Disease or Natural Causes means as a result

of anything other than Accidental Injury, Accidental Death, death occurring during your participation in Adventure Sports, or any additional exclusions as shown on your Policy Schedule. This could include Illness or diseases such as cancer, trauma such as heart attack, degenerative conditions and infections.

Exclusion means an event leading to a claim which are not

Covered under your Policy. Exclusions can be found under the heading ‘What isn’t Covered’ on pages 6 for Death Cover and page 10 for Income Protection, and on your Policy Schedule.

Gainful Occupation means an occupation in which the Life

Insured is working and as a result generates Monthly Income.

Illness means as a result of anything other than Accidental

Injury, Sports Injury or any additional exclusions as shown on your Policy Schedule. This could include Illness or diseases such as cancer, trauma such as heart attack, degenerative conditions and infections.

Glossary

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Immediate Family Member means a spouse, de facto, partner

(same or opposite sex), child, grandchild, parent, grandparent, sibling, aunt, uncle, cousin, niece or nephew.

Indexation Factor is the percentage change in the Consumer

Price Index (Weighted Average All Capital Cities) as last published by the Australian Bureau of Statistics in respect of the 12 month period finishing on 30 September of each year. This factor will be determined at 30 November each year and applied, where indicated, for the following year. If it is not published by 30 November, the Indexation Factor will be calculated based upon a retail price index we consider replaces it. If the percentage change in the Consumer Price Index, or any substitute for it, is negative, the Indexation Factor will be taken as zero.

Injury means an Accidental bodily injury suffered by you after

the Commencement Date or in the case of an increase to a Benefit, after the commencement of the increase. The Injury must be caused directly and solely by an Accident.

Life Event refers to a specified event that may allow you to

increase your Death Cover Benefit without the need for evidence of health or pastimes. Refer to page 5 for more details.

Life Insured means you, the insured person under your Policy. Medical Practitioner means a person who is registered

in Australia as a Medical Practitioner, other than: §

§ You; §

§ Your business partner, or §

§ Your Immediate Family Members.

If practicing other than in Australia, the Medical Practitioner must be approved by us and have qualifications equivalent to Australian standards.

Note – a chiropractor, physiotherapist and/or alternative therapy provider is not a Medical Practitioner unless registered as a Medical Practitioner.

Mental Health Related Illnesses include stress (including

post-traumatic stress), physical symptoms of a psychiatric illness or any condition of anxiety, depression, personality, emotional, or behavioural disorders, or disorders related to substance abuse or dependency (which includes alcohol or drugs), as confirmed by a Medical Practitioner.

Monthly Income or Monthly Earnings is the monthly value

of the remuneration paid by the employer in respect of the work performed by you and includes salary, award superannuation contributions, bonuses, commission, fees, fringe benefits and regular overtime. This will be determined by calculating the amount you would have to receive if total remuneration was received as a salary or wage (before income tax is deducted).

Nominated Benefit Recipient means the person or persons

nominated by you to receive all or part of the Death Benefit. Any nomination is binding on us. However, you may revoke or change a nomination at any time. Any nomination, revocation or change in the details of a Nominated Benefit Recipient has no effect unless it is in writing and we have issued a written confirmation to you

Own Occupation under Income Protection is the occupation

in which you were working immediately prior to the Illness or Injury causing Disability, unless you:

§

§ Were working in that occupation for less than ten hours a week; or

§

§ Were unemployed or on sabbatical, long service, maternity or paternity leave for more than 12 months,

in which case ‘Own Occupation’ will be any occupation that you are suited by training, education or experience. If you have been working in more than one occupation that meets these criteria, ‘Own Occupation’ will include all of those occupations.

Glossary

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Partial Disability and Partially Disabled under Income

Protection mean that, solely because of a Covered event, you are: §

§ Working or capable of working in a Gainful Occupation; and §

§ Under the ongoing care of, and following the advice of a Medical Practitioner; and

§

§ Have suffered a reduction of 20% or more in your ability to generate Monthly Income.

To be eligible for a Partial Disability Benefit, you must be Totally Disabled for the entire Waiting Period. The Benefit Amount to be paid will be:

A – B x the Benefit Amount A

subject to any adjustments, where:

A = your Average Monthly Income in the 12 months prior to the claim event; and

B = your Monthly Income in respect of the month to be paid If you are not working solely because of Illness or Injury, but are able to perform an important income producing duty of your Own Occupation to earn income, ‘B’ will be calculated on the monthly income for which it would be reasonable for you to earn if working. We will take into account all medical and other appropriate evidence.

Policy means the legal contract between the Policy Owner and

us. This document, the application (whether in writing, verbally or online), the Policy Schedule and any special conditions or endorsements make up the Policy.

Policy Anniversary means each anniversary of the Policy

Commencement Date.

Policy Owner means the person shown in the Policy Schedule

as the person to who the Policy has been issued. You are the Policy Owner for your Policy.

Policy Schedule means the document which will be provided

to you by us, containing details of your Cover under this Policy. Your Policy Schedule will be updated by us as a result of:

§

§ Any changes you make to your Policy and agreed to by us; and/or

§

§ Any changes made by us in accordance with the conditions contained in this document.

Special Conditions means events leading to a claim which

have additional conditions applied under your Policy. Special Conditions are specific to your Policy and can be found on your Policy Schedule.

Sport means a regular activity involving physical exertion and

skill which an individual or team participates in, or competes against another or others for entertainment, enjoyment or fitness. It includes but is not limited to football, cricket, running, cycling, tennis, golf, basketball, surfing, wind-surfing, recreational aviation, rock climbing, martial arts, horse riding and yoga.

Sports Injury means an Injury that you suffer during the

participation in, or training for, any Sport.

Terminal Illness means an Illness where, after having regard to

the current treatment or such treatment as you may reasonably be expected to receive, you will not survive more than 12 months. Two Medical Practitioners, at least one who is a specialist Medical Practitioner who specialises in your Illness, or an area related to your Illness, must certify in writing (either jointly or separately), that despite reasonable medical treatment, you are suffering an Illness which will lead to your death within 12 months of the date of the certification.

The Illness and certification must occur while you have Cover under this Policy.

This Benefit applies to Disease Cover for Death Cover only. The Death Cover Benefit Amount will be paid in full where this definition is met, if Disease Cover is shown on your Policy Schedule.

Total Disability and Totally Disabled under Income Protection

mean that, solely because of a Covered event, you are: §

§ Not working in any Gainful Occupation; and §

§ Following the advice of a Medical Practitioner; and §

§ Unable to perform one or more of the important income-producing duties in your Own Occupation. To be eligible for a Total Disability Benefit, you must meet this definition for the entire Waiting Period.

Waiting Period means the period of time between you suffering

Total Disability or Partial Disability and Benefits starting to accrue. The Waiting Period commences on the Date of Disablement.

Glossary

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This Agreement is issued by TAL, to enable you to understand your rights and responsibilities as a new customer when making premium payments by direct debit. It allows TAL to debit your nominated account to meet the premiums for your Policy. Please keep this Agreement in a safe place for future reference.

Our Commitment to you

We will ensure that we: §

§ Will give you at least 14 days written notice if there are any changes to the terms of this Agreement: and §

§ Will keep all information relating to your nominated financial institution account confidential, except where required for the purposes of conducting direct debits with your financial institution, or otherwise as required by law.

Your Commitment to us

Please ensure that: §

§ The account you have nominated can accept direct debits; §

§ All account holders for this nominated account agree to this Agreement; and

§

§ That there are sufficient funds available in the nominated account, on the due dates, to Cover the premiums. If there isn’t, you may incur dishonour fees from your financial institution and your Policy may lapse. Dishonour fees will not be charged by TAL.

If a premium due date falls on a weekend or a public holiday, we will automatically debit the payment on the next business day.

How to make changes

Please give us at least 7 days’ notice before your next premium due date for either:

§

§ Altering any of your direct debit or financial institution details, or

§

§ Stopping or suspending any debits, or cancelling the Agreement completely. If you do any of these, you will need to make alternative arrangements for future premiums to continue your Policy.

If you want to change or cancel this agreement, or dispute a debit, please contact our Customer Service Centre on 1300 886 802. We will always respond to your query or dispute in the first instance.

Direct Debit Request Service Agreement

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1300 886 802

customerservice@tal.com.au tal.com.au

GPO Box 5380, Sydney NSW 2001

Issuer

TAL Life Limited

ABN 70 050 109 450 AFSL 237848 Level 16, 363 George St, Sydney NSW 2000

How to contact us

Figure

Updating...

References

Related subjects :